Trade disclosure by the company to the stock exchange
The company's onward disclosure to the exchanges of a trade reported to it by a promoter, director or designated person.
Disclosure to the stock exchanges
Counted from receipt of the Reg 7(2)(a) intimation, or the company becoming aware of the trade
- SEBI
- Insider trading and takeovers
- Not specified
- 2026-09-01
Two trading days from receiving the intimation. Under PIT Reg 7(2)(b) the company notifies every stock exchange where its securities are listed within two trading days of receiving the information under Reg 7(2)(a) or becoming aware of it. Most companies no longer file this by hand: system-driven disclosures cover it, and from 4 May 2026 NSE requires any residual filing to go through a mandatory XBRL utility on NEAPS.
The regulation has not changed but the filing route changed twice. System-driven disclosures took the manual filing out for compliant companies, and NSE circular NSE/CML/2026/12 made the residual filing a mandatory XBRL submission through NEAPS from 4 May 2026. Whether BSE made the same move is not established.
Deadlines counted from an event
Within two trading days of receiving the information under Reg 7(2)(a) or of becoming aware of the trade, notify every stock exchange on which the securities are listed. The trading-day count makes any computed date an estimate.
The rule
Within two trading days of receiving the information under Reg 7(2)(a) or of becoming aware of the trade, notify every stock exchange on which the securities are listed. The trading-day count makes any computed date an estimate.
Who must comply
- Every listed company that receives a Reg 7(2)(a) intimation or otherwise becomes aware of a reportable trade
- Paragraph 4.3.7 of the Master Circular on Surveillance of Securities Market makes manual filing under Reg 7(2)(a) and 7(2)(b) non-mandatory for companies whose system-driven disclosures are working
Statutory basis
- PIT Reg 7(2)(b), disclosure by the company to the stock exchanges within two trading days
- PIT Regulations, 2015, consolidated text as amended to 12 March 2025 (PDF)
- Master Circular on Surveillance of Securities Market, paragraph 4.3.7, system-driven disclosures
- NSE circular NSE/CML/2026/12, mandatory XBRL utility on NEAPS for PIT Reg 7(2) and 7(3) filings from 4 May 2026
Before you file
- Get the Form C intimation from the person who traded.
- Check the holdings figures before and after the trade.
- Get access to the exchange filing utility.
- Check whether the system-driven disclosure already covers this trade.
How to file
- Record the date on which the company received the intimation.
- Prepare the disclosure in the format the exchange utility requires.
- Submit the disclosure through the NSE XBRL utility on NEAPS.
- Submit the same disclosure to every other exchange where the securities are listed.
- Do this within two trading days of receipt.
If you miss it
SEBI adjudicates this under section 15A(b) of the SEBI Act, at ₹1 lakh for each day the failure continues, capped at ₹1 crore, because the company is required by the regulations to furnish the information within a specified time. Section 15HB is the fallback at up to ₹1 crore. There is no per-day exchange fine: the Chapter VII Section VII-A fine table in the LODR Master Circular covers LODR regulations, and Reg 7(2)(b) is a PIT provision.
- The disclosure is public, so a gap in the exchange filing is visible to the market and to SEBI's surveillance systems without any inspection
- A pattern of late filings feeds the compliance officer's report to the board or the audit committee chair under clause 1 of Schedule B
Recent changes affecting this
Common questions
When is the Reg 7(2)(b) disclosure due?
Within two trading days of the company receiving the intimation from the person who traded, or of the company becoming aware of the trade.
Does the company still have to file this manually?
Often not. Paragraph 4.3.7 of the Master Circular on Surveillance of Securities Market makes manual filing non-mandatory where system-driven disclosures are working. Where a filing is still needed, NSE has required it to go through an XBRL utility on NEAPS since 4 May 2026.